Wells Fargo & Co (WFC) Position Trimmed by BB&T Corp

BB&T Corp lowered its stake in Wells Fargo & Co (NYSE:WFC) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 333,043 shares of the financial services provider’s stock after selling 4,110 shares during the quarter. BB&T Corp’s holdings in Wells Fargo & Co were worth $17,504,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Wells Fargo & Co by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock valued at $2,388,296,000 after buying an additional 1,874,789 shares during the period. Magellan Asset Management Ltd increased its holdings in Wells Fargo & Co by 0.3% in the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after acquiring an additional 78,797 shares during the last quarter. Boston Partners increased its holdings in Wells Fargo & Co by 12.6% in the 2nd quarter. Boston Partners now owns 21,223,020 shares of the financial services provider’s stock worth $1,176,604,000 after acquiring an additional 2,372,583 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Wells Fargo & Co by 2.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock worth $937,526,000 after acquiring an additional 372,355 shares during the last quarter. Finally, Sanders Capital LLC purchased a new stake in Wells Fargo & Co in the 2nd quarter worth about $952,809,000. 77.50% of the stock is currently owned by hedge funds and other institutional investors.

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In related news, EVP Hope A. Hardison sold 25,000 shares of Wells Fargo & Co stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

WFC traded down $0.12 during trading on Friday, hitting $53.04. 18,972,193 shares of the stock were exchanged, compared to its average volume of 25,114,412. Wells Fargo & Co has a 1 year low of $50.02 and a 1 year high of $66.31. The company has a market capitalization of $261.35 billion, a P/E ratio of 12.91, a PEG ratio of 1.07 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.04). The company had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. Equities analysts anticipate that Wells Fargo & Co will post 4.5 earnings per share for the current year.

Wells Fargo & Co announced that its board has approved a stock buyback program on Tuesday, October 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a yield of 3.24%. Wells Fargo & Co’s dividend payout ratio is currently 41.85%.

Several research analysts have commented on the company. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a research note on Monday, July 30th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Morgan Stanley decreased their price target on Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Monday, July 16th. Keefe, Bruyette & Woods raised Wells Fargo & Co from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Finally, Susquehanna Bancshares set a $63.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $63.79.

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